Correlation Between Silgo Retail and Praxis Home
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By analyzing existing cross correlation between Silgo Retail Limited and Praxis Home Retail, you can compare the effects of market volatilities on Silgo Retail and Praxis Home and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Silgo Retail with a short position of Praxis Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Silgo Retail and Praxis Home.
Diversification Opportunities for Silgo Retail and Praxis Home
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Silgo and Praxis is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Silgo Retail Limited and Praxis Home Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Praxis Home Retail and Silgo Retail is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Silgo Retail Limited are associated (or correlated) with Praxis Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Praxis Home Retail has no effect on the direction of Silgo Retail i.e., Silgo Retail and Praxis Home go up and down completely randomly.
Pair Corralation between Silgo Retail and Praxis Home
Assuming the 90 days trading horizon Silgo Retail Limited is expected to under-perform the Praxis Home. But the stock apears to be less risky and, when comparing its historical volatility, Silgo Retail Limited is 1.06 times less risky than Praxis Home. The stock trades about -0.13 of its potential returns per unit of risk. The Praxis Home Retail is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,905 in Praxis Home Retail on October 23, 2024 and sell it today you would earn a total of 46.00 from holding Praxis Home Retail or generate 2.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Silgo Retail Limited vs. Praxis Home Retail
Performance |
| Timeline |
| Silgo Retail Limited |
| Praxis Home Retail |
Silgo Retail and Praxis Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Silgo Retail and Praxis Home
The main advantage of trading using opposite Silgo Retail and Praxis Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Silgo Retail position performs unexpectedly, Praxis Home can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Praxis Home will offset losses from the drop in Praxis Home's long position.| Silgo Retail vs. State Bank of | Silgo Retail vs. Life Insurance | Silgo Retail vs. HDFC Bank Limited | Silgo Retail vs. ICICI Bank Limited |
| Praxis Home vs. Aban Offshore Limited | Praxis Home vs. Dhanuka Agritech Limited | Praxis Home vs. 63 moons technologies | Praxis Home vs. Indian Card Clothing |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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